- In the crypto seas, the whales are amassing their treasures, while OP’s fate seems as intertwined with Bitcoin‘s as a sailor’s with the tide.
- A sanguine analyst forecasts a jolly 24% leap if Optimism dares to burst forth from its ascending triangle’s embrace, riding the waves of market enthusiasm.
Oh, the drama! Optimism [OP] has been caught in an ascending triangle’s snare on the 4-hour chart, its price leaping 2.31% in just a day, or so CoinMarketCap’s seers tell us.
Trading volumes have swelled by 21.38%, as if OP were a ship’s sail, billowing with signs of revival. Shall OP breach the $1.18 barrier and set sail on a voyage above the triangle’s confines?
Optimism’s Technical Rigging
OP’s price, as of now, perches delicately on an ascending trendline at $1.13, much like a pirate eyeing the horizon.
This upward trend in its triangle hints at a bold escape above the $1.19 resistance level. The ascending support range, you ask? A mere $0.91 to $1.10, darling.
As trading volumes swell, a grand breakout could very well confirm the bullish momentum. Or it could all come crashing down. Such is the thrill of the crypto chase!
According to Ali Martinez’s analysis, shared on X (formerly known as Twitter), a breakout from the triangle could propel OP to the $1.28-$1.31 stratosphere, reaping a tidy 24% gain. Imagine that!
What Whisper the On-Chain Metrics?
Peering into the profitability of OP’s holders, a mere 7% are basking in the glow of profits, while a whopping 89% are adrift in losses, says IntoTheBlock. And, oh my, the whales hold a commanding 83% of OP’s treasure.
At the time of penning this, the Exchange Netflow was at a ghastly -$1.7 million, suggesting OP is slipping away from exchanges like a ghost at dawn. Accumulation or a short-squeeze, perhaps? The plot thickens!
With a Bitcoin correlation of 0.93, OP’s dance is as closely tied to BTC‘s tune as a debutante to her first waltz.
Is Optimism Stirring from its Slumber?
As of this scribbling, Optimism’s 24-hour Relative Strength Index (RSI) was at a modest 36, yet it sprang to 49 in a mere 4 hours, based on Cryptowaves’ readings.
Coinanlyze data hints at a Long-Short Ratio of 2.84, suggesting bulls are in the mood for a frolic. The ascending triangle pattern is a dead giveaway of this renewed bullish fervor.
For Optimism to prove its mettle, it must burst through and hold steady above the $1.18 resistance level, following a high-volume breakout from the triangle. Only then can its bullish credentials be confirmed.
Should it falter, the altcoin may find itself back at the $1.13 support, potentially heading toward the $0.90 abyss. Traders, keep your eyes peeled for OP’s next pirouette and the whales’ next splash!
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2025-02-18 11:09